Exhibit 10.59
The West Virginia Thoroughbred Breeders Association
Post Office Box 626
Charles Town, WV 25414
March 21, 1997
West Virginia Lottery Commission
Mr. Richard Boyle
312 MacCorkle Avenue, S.E.
P.O. Box 2067
Charleston, WV 25327
Dear Mr. Boyle:
This letter constitutes a Letter Agreement by and between PNGI Charles
Town Gaming Limited Liability Company, a West Virginia Limited Liability, and
The West Virginia Thoroughbred Breeders Association, a West Virginia
Association, that the net terminal income from Video Lottery Terminals operated
by PNGI Charles Town Gaming Limited Liability Company at Charles Town Racetrack
shall be distributed in accordance with the provisions of Section 29-22A-10(c)
of the Race Track Video Lottery Act, as such statutory provision shall be in
effect on the date of execution of this Letter Agreement, or as hereinafter
amended from time to time by the West Virginia Legislature, either at any
regular or special session.
This Letter Agreement is binding upon the signatories thereof for a
period from the date of its execution through June 30, 1997, and for a period of
one (1) year from July 1, 1997 through June 30, 1998, inclusive, and shall
become binding and effective upon the date of final execution by all of the
parties thereto, and shall not be amended, revised, extended, or superceded,
either by the actions of the parties, inaction, or default or inability to
negotiate the statutorily mandated annual renewal of the Letter Agreement by the
signatories hereto, without the execution in writing of an Agreement by all of
the signatories hereto.
The undersigned, Jay Fortney, is President/General Manager of PNGI
Charles Town Gaming Limited Liability Company, a West Virginia Limited Liability
Company, and has the authority to bind the Limited Liability Company.
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The undersigned, Keith B. Berkeley, D.V.M., is President of The West
Virginia Thoroughbred Breeders Association, a West Virginia Association, and has
the authority to bind the members of that Association.
Witness the following signatures and seals as of the 24th day of March,
1997.
PNGI CHARLES TOWN GAMING
LIMITED LIABILITY COMPANY,
A West Virginia Limited Liability Company
By: /s/ Jay Fortney
--------------------------------
Jay Fortney, its President and
General Manager
THE WEST VIRGINIA THOROUGHBRED
BREEDERS ASSOCIATION, a West Virginia
Association
By: /s/ Keith B. Berkeley, D.V.M.
--------------------------------
Keith B. Berkeley, D.V.M.
its President
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STATE OF WEST VIRGINIA
COUNTY OF JEFFERSON, to-wit:
I, Charlotte L. Burner , a notary public for the County/City and State
aforesaid, certify that JAY FORTNEY, whose name is signed to the foregoing as
President and General Manager of PNGI CHARLES TOWN GAMING LIMITED LIABILITY
COMPANY, a West Virginia Limited Liability Company, dated the 24th day of
March, 1997 acknowledged the same on behalf of the Limited Liability Company as
its General Manager and President before me in the County/City aforesaid.
Given under my hand and official seal this 24th day of March, 1997.
/s/ Charlotte L. Burner
--------------------------
Notary Public
My commission expires on November 27, 2001.
STATE OF WEST VIRGINIA
COUNTY OF JEFFERSON, to-wit:
I, Charlotte L. Burner , a notary public for the County/City and State
aforesaid, certify that KEITH B. BERKELEY, D.V.M., whose name is signed to the
foregoing as President of THE WEST VIRGINIA THOROUGHBRED BREEDERS ASSOCIATION,
dated the 24th Day of March , 1997 acknowledged the same on behalf of the
Association as its President before me in the County/City aforesaid.
Given under my hand and official seal this 24th day of March, 1997.
/s/ Charlotte L. Burner
--------------------------
Notary Public
My commission expires on November 27, 2001.
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